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Egyptian Prime Minister, Atef Obeid expects the local gross domestic product (GDP) to increase by four percent in 2002 compared with 3.5 percent in 2001, reported Al-Hayat. Obeid attributes his forecast to projected rise in tourism, increasing oil and gas production and privatization schemes.

International credit rating agency Fitch IBCA recently gave the Egyptian economy a negative assessment, stating tensions in the economic policy framework as its main concern. The agency expressed concern that national GDP may come in lower than official four percent estimates, and that the general government deficit may widen to approximately three percent of GDP, according to Prime Securities. — (menareport.com)